KUALA LUMPUR, Malaysia – Anasuria Hibiscus UK (AHUK) is drafting the final development plan for the Marigold oil field in the UK central North Sea, according to parent company Hibiscus Petroleum.
Due in part to COVID-19 restrictions, the final investment decision which triggers the Oil and Gas Authority’s approval of the plan should now come through around the end of March 2021, three months later than anticipated.
AHUK had completed its acquisition of blocks 15/18d and 15/19b (license P2366) from United Oil & Gas and Swift Exploration, for a total cash consideration of up to $5 million, in December 2019. They include the Crown discovery and are 12 km (7.5 mi) southeast of Marigold, which the company acquired in late 2018, along with the Sunflower field.
The company now expects to issue payment of an additional sum of $3 million – due within seven business days of approval for the Marigold plan – to United and Swift by mid-2021.
Hibiscus plans a single-well subsea tieback at Crown to the Anasuria Cluster FPSO.